It may be easier to gain information on competitors by looking through their websites, looking online at reviews, their brochures and marketing materials, or even buying some of their products and analyzing the products and related customer service experience first-hand.
For smaller businesses, let's say local restaurants, you could examine their menus, go to the restaurants to try their food items and experience their service, ask around for information about their services, and check out local review websites.
Using SWOT analysis on competitors allows a company to determine a competitor's strengths and weaknesses, as well as relevant opportunities and threats that can guide business planning. We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities.
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Identifying your competitors allows you to gain information needed to form or change your company strategy.
If you own a larger company, you will want to concentrate on looking at similarly sized competitors.
Competition analysis allows you to learn your competitors' strengths and weaknesses, and then use that information, or competitive advantage, to improve your own business planning and practices.
The best way to determine who your competitors are is through research, such as through SWOT analysis.
Using SWOT analysis as part of your business planning gives the company information needed to be able to make necessary changes.
SWOT analysis can be utilized for each competitor a company may have.